Advances by resource stocks propelled equities in Toronto higher by midday Wednesday, ahead of an expected rate hike by the U.S. Federal Reserve.
The S&P/TSX Composite Index gained 63.03 points to greet noon at 15,442.64
The Canadian dollar gained 0.13 cents at 74.31 cents U.S.
In the energy field, MEG Energy jumped 30 cents, or 4.9%, to $6.48, while EnCana Corporation prospered 57 cents, or 4.1%, to $14.47.
Gold stocks shone brighter, too, as Barrick Gold picked up 20 cents to $24.19, while Goldcorp sprang up 24 cents, or 1.2%, to $19.87.
Materials strengthened on advances by First Quantum Minerals, up 19 cents, or 1.4%, to $13.57.
Health-care stocks staggered, however, as Valeant Pharmaceuticals doffed 11 cents to $14.48, and Canopy Growth Corporation subsided 12 cents, or 1.1%, to $10.93.
ON BAYSTREET
The TSX Venture Exchange eked ahead 0.87 points to 793.47
All but two of the 12 TSX subgroups remained positive midday, as energy jumped 1.4%, gold was up 1.2%, and materials climbed 0.8%.
Only health-care, sinking 0.2%, financials, down 0.02%, were off.
ON WALLSTREET
U.S. stocks gained ground Wednesday, helped by a bounce in oil prices, as traders looked ahead to the afternoon conclusion of the Fed meeting.
The Dow Jones Industrials regained 50.39 points to pause for lunch Wednesday at 20,887.76. UnitedHealth had the greatest positive impact, while IBM had the greatest negative impact.
The S&P 500 recouped 8.62 points to 2,374.07. Energy traded more than 1% higher to lead S&P 500 advancers in mid-morning trade as oil attempted to reverse a seven-day losing streak
The NASDAQ moved higher 13.12 points to 5,869.94, as semiconductor stocks lagged
U.S. crude oil futures rose more than 1.7% above $48.50 U.S. a barrel after weekly crude inventory data showed a drawdown in stockpiles.
In economic news, the consumer price index rose 0.1% in February for a 2.7% increase over the last 12 months, the biggest year-on-year gain since March 2012. Ex-food and energy costs, the so-called core CPI rose 2.2% in the 12 months through February.
Retail sales posted a 0.1% rise last month, the weakest print since August. Excluding automobiles, gasoline, building materials and food services, the so-called core retail sales rose 0.1% after an upwardly revised 0.8% jump in January.
Both CPI and retail sales mostly matched expectations.
The Empire State Manufacturing Index edged lower to 16.4 for March. The new orders index climbed eight points to 21.3, its highest level since 2009, according to the New York Fed.
A separate report showed home builder sentiment hit 71 in March, its highest in 12 years. Business inventories rose 0.3 percent in January.
Traders widely expect the Fed to raise interest rates Wednesday. The Federal Open Market Committee is set to release its meeting statement at 2 p.m., ET. Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m.
Prices for the benchmark 10-year Treasury note moved slightly ahead, lowering yields to 2.58% from Tuesday’s 2.6%. Treasury prices and yields move in opposite directions.
Oil prices gained 81 cents to $48.53 U.S. a barrel
Gold prices dropped $2.30 to $1,200.30 U.S. an ounce.
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